Everyone knows it’s RRSP season, but what’s less obvious is how to best direct your contributions over the years. Different ages and life stages call for different strategies. There’s an overarching theme, though: anything you can put toward your retirement is a good thing. “When it comes to contributions, it’s
Blame it on Olympic fever. It seems nothing is immune to the wave of Canadian pride sweeping the nation, not even how we choose to invest our money. A new poll from CIBC Asset Management found the majority of Canadians, though primarily interested in long-term growth, remain reluctant to stray
Planning for retirement can be overwhelming. It requires thinking about long-term goals and it forces consideration of a more sensitive subject — one’s own mortality. An RBC study reports that only 52% of Canadian boomers actually put a plan on paper despite understanding its importance. However, they worry about it.
The average credit card debt of a US household is over $15,000. That is a lot of money! Our neighbor to the north is in even worse shape in that an average Canadian household owes nearly $27,000 in credit card debt. Credit card debt can become an overwhelming problem if
If you have ever heard the phrase “A day late and a dollar short,” it applies to me. After spending six years looking forward to the day when I could burn my mortgage, my final lump sum payment was $1 short of paying off the $1,979 balance. So instead of
The November issue of Money magazine contains a bunch of retirement articles. It must be their retirement issue. I am planning to evaluate each article one at a time to see if I agree with their position. The first article is about preparing for retirement with a checklist for you
Over the last few days, we have watched with horror as Hurricane Sandy has roared up the East Coast of the United States. We have seen the devastation that a storm can cause, both in a physical sense and in an emotional one. Some of America’s largest cities have been severely
Excerpt courtesy of The Family Finances When was the last time you went credit card shopping? No, I don’t mean when was the last time you went shopping and paid for it with your credit card. I mean, when was the last time you went shopping for a credit card?
Ming and Li are exceptional savers. They have already paid for their $300,000 home in southwestern Ontario and saved nearly $330,000, without any help from parents since they graduated. They have built a solid financial base for themselves and their two young children. Now the 37-year-old software developer and 34-year-old
If you’re dreaming of an early retirement, you need to start saving at an early age, too. That can be difficult if you’re just stepping into your first full-time job, or if you’re also saving for a house or paying off a student loan. While it’s true that paying down